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forward a comprehensive balanced approach to deficit reduction to eliminate the sequester, but this is congress' responsibility. it needs to take action. >> there is a couple of bipartisan group of senators making proposals. senators says the administration has the right to prioritize spending, and the senator suggesting the furloughs are postponed to give congress another chance to revisit sequesteration, other senators, republican and democrat, asking the transportation secretary and head of the faa if they might be able toe move money around. what's your response? >> well, a couple things. one, i think the fact that various lawmakers suggest remedies confirms what i said, which is only taking action to the result of the sequester that republicans insisted take place, but let's be clear about the faa cannot take because of the way the budgets are structured and the way the law imposing the sequester is written. they are required by law to cut about 1 billion dollars between now and end of the september. that's 637 million from the faa. the faa initiated a series of cost
significant problems, and i think if we don't address the deficit, if we don't address it, i've become more and more convinced that we don't necessarily go gradually into problems, that we could go precipitously into a problem. and i say that with reference to 2008 and to the crisis. that i think there is even when things seem to be going pretty well, there is and are some lurking dangers within our economy. one would be interest rates rising. and i ask this question all the time to people i consider to be, you know, smart, big bankers, people in the major capital centers of the world, can we control interest rates and keep interest rates low? is there a breaking point at which the central bank cannot keep interest rates at this point? because interest rates at 5%, interest rates of 7% or when i was a kid, interest rates of 19 president or 21%, i think, would be catastrophic with this burden of debt. seems to work right now, but i also think that there's a certain illusion both of wealth in the stock market and an illusion of the ease at which we can manage our debt. and so those are my con
-called grand bargain we could devise a balance deficit reduction package for one year that avoids sequestration in fy 2014. we simply cannot continue to ignore the effect of sequestration. sequestration will have a major impact on military personnel. though the pay of military personnel has been exempted, the sequester would reduce military readiness in the services for the troops including schools for military children, family support programs and transition assistance programs and mental health and other counseling programs. the president's budget request continues a major drawdown of active duty and reserve strength. we have in recent years given the department numinous force shaping authorities to allow it to reduce its strength in a responsible way ensuring that the services maintain the proper force mix and avoiding grade and occupational disparities, all of which have long term affect. if sequestration continues, the result would be ore pripitous foe structe that is ou of t the requirements of our defense strategy. sequestration has already affected military readiness. we have heard test
Search Results 0 to 2 of about 3